South Korea's outbound shipments are predicted to increase 34.5 percent on-year in August on strong global demand for chips and automobiles despite the protracted COVID-19 pandemic, a poll showed Friday.

Exports are expected to reach $53 billion won this month, according to the survey of seven brokerage houses by Yonhap Infomax, the financial news arm of Yonhap News Agency.

Imports are estimated to rise 44.8 percent on-year in August to $51.8 billion, resulting in a trade surplus of $1.2 billion.

South Korea will release its official data for this month's exports and imports Wednesday.

In July, Asia's No. 4 economy saw its exports jump 29.6 percent on-year to a record high, extending their gains to a ninth consecutive month.

The Korea Customs Service announced earlier that South Korea's exports have jumped 40.9 percent on-year during the first 20 days of August.

The solid growth apparently came as global demand for South Korean chips and cars remained strong from major countries, despite the concerns over a possible slowdown of the Chinese economy.

China is the top export destination for South Korea.

The customs agency said overseas sales of chips moved up nearly 40 percent over the period, while those of petroleum products gained 55.3 percent. Shipments of vehicles also climbed 37 percent. 

But the country's exports may lose steam in September or October, due to the slowing Chinese economy coupled with disruptions at production lines in Southeast Asia. (Yonhap)